TINSTAAFL stands for what The US economy can be described and a Traditional economy , a command economy or a mixed economy How many distinct factors of production do economists recognize List them Economics is best defined as the study of how societies deal withthe problem of scarcity What type of graphicdisplaydo economists use to illustrate combinations of output a production possibilities curve or a cost benefit analysis Economic growth is most closely associated with an increase in goods and services or opportunity cost Which of these is most closely associated with opportunity cost trade offsorproductivity A nation's wealth is determined by its Natural resources or accumulation of all tangible products The most comprehensive measure of a nation's wealth is provided by itsgross domestic product or product possibilities curve The study of economics involves explaining how people deal with scarcity When a nation's total output increases over time, the nation is experiencing Economic growthor economic interdependence Opportunity cost is the cost of choosing one alternative over another orthe initial cost of starting a new business The command economyof the former Soviet Union went from an agricultural society to an industrial nation in a few decades How does Russia's transition compare to North Korea's In what type of economy does the government decide whether houses or apartments will be built Traditional , command or market According to your reading in the textbook , The country that has the highest per capita income and is a capitalist system is the United States , Norway or Singapore Which of these statements describes a disadvantage of a traditional economy Everyone knows his or her role or New ways of doing things are discouraged Which of these statements is descriptive of a market economy Most media is state owned and operated ,The government determines what is produced and by whom,Major economic decisions are made by individuals, not for them Which of these economic systems have the least in common command economy and capitalism orfree enterprise economy and market economy In which of these systems is the government most likely to provide people with goods and services they could not otherwise afford a market economy ora socialist economy Which of these statements helps explain why mixed economies develop People become unhappy with aspects of their current economy orPeople are seldom exposed to the ideas and technologies of other cultures Which of these countries has an economy most similar to that of the former Soviet Union Sweden , Norway or North Korea Which of the following is a feature of a command economy that distinguishes it from a socialist economy All production is managed by the governmentorAll economic decisions are made by the free market In American free enterprise capitalism, the profit motive can be best thought of as what a regulation, an incentiveor an efficiency Who is said to have sovereignty over a free market Government , consumers or the businesses A state government builds a highway This is an example of government fulfilling its role as what Protector ,provider or consumer The economic system of the United States is considered a free market capitalist economy finish this statement protect consumers against harm from products on the market Is it Profit motives or Government regulations The four factors of production are land, labor, capital, and Entrepreneurs ,franchises orthe government Markets in the free enterprise system are seldom regulatedby the government Fill in the Blank with who , what or where Consumers in a free enterprise economy ultimately determine to produce Which of the following is largely responsible for the growth of a free enterprise system Government , profit motiveor Gross Domestic Product A general rise in the level of prices over time is known as profit or inflation What is your role in a mixed economy DO you fulfill several roles

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TINSTAAFL stands for what   The US economy can be described and a Traditional economy , a command economy or a mixed economy How many distinct factors of production do economists recognize   List them Economics is best defined as the study of how societies deal withthe problem of scarcity  What type of graphicdisplaydo economists use to illustrate combinations of output   a production possibilities curve or a cost benefit analysis   Economic growth is most closely associated with an increase in goods and services or opportunity cost   Which of these is most closely associated with opportunity cost trade offsorproductivity   A nation's wealth is determined by its            Natural resources or accumulation of all tangible products   The most comprehensive measure of a nation's wealth is provided by itsgross domestic product or product possibilities curve   The study of economics involves explaining how people deal with scarcity  When a nation's total output increases over time, the nation is experiencing              Economic growthor economic interdependence   Opportunity cost is                        the cost of choosing one alternative over another orthe initial cost of starting a new business   The command economyof the former Soviet Union went from an agricultural society to an industrial nation in a few decades  How does Russia's transition compare to North Korea's  In what type of economy does the government decide whether houses or apartments will be built  Traditional , command or market According to your reading in the textbook , The country that has the highest per capita income and is a capitalist system is               the United States , Norway or Singapore   Which of these statements describes a disadvantage of a traditional economy  Everyone knows his or her role or New ways of doing things are discouraged   Which of these statements is descriptive of a market economy  Most media is state owned and operated ,The government determines what is produced and by whom,Major economic decisions are made by individuals, not for them  Which of these economic systems have the least in common  command economy and capitalism orfree enterprise economy and market economy In which of these systems is the government most likely to provide people with goods and services they could not otherwise afford a market economy ora socialist economy Which of these statements helps explain why mixed economies develop  People become unhappy with aspects of their current economy orPeople are seldom exposed to the ideas and technologies of other cultures  Which of these countries has an economy most similar to that of the former Soviet Union Sweden , Norway or North Korea Which of the following is a feature of a command economy that distinguishes it from a socialist economy  All production is managed by the governmentorAll economic decisions are made by the free market  In American free enterprise capitalism, the profit motive can be best thought of as what  a regulation, an incentiveor an efficiency   Who is said to have  sovereignty   over a free market Government , consumers or the businesses A state government builds a highway  This is an example of government fulfilling its role as what  Protector ,provider or consumer The economic system of the United States is considered a free market capitalist economy  finish this statement                   protect consumers against harm from products on the market Is it Profit motives or Government regulations The four factors of production are land, labor, capital, and                Entrepreneurs ,franchises orthe government  Markets in the free enterprise system are seldom regulatedby the government  Fill in the Blank with  who , what or where       Consumers in a free enterprise economy ultimately determine              to produce Which of the following is largely responsible for the growth of a free enterprise system Government , profit motiveor Gross Domestic Product   A general rise in the level of prices over time is known as           profit or inflation  What is your role in a mixed economy   DO you fulfill several roles

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TINSTAAFL stands for what ? The US economy can be described and a Traditional economy , a command economy or a mixed economy How many

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